Is it time for a smaller house?

As the new year approaches, you may be considering how you want to ring in this new season of your life. Does your current home meet those needs? 

From major life changes like retirement and your children’s graduation to considering the impacts of inflation, many families are considering smaller homes to best reflect their current season in life. This period of your life can mean doing more of the things you enjoy, like traveling, visiting with loved ones, or taking on new hobbies – and not worrying about the tasks that come with owning a large home. 

What are your needs? 

The 2022 Home Buyers and Sellers Generational Trends from the National Association of Realtors (NAR) provides more information on why people of retirement age choose to move. It shows the need for a smaller home, the desire to be closer to loved ones, and retirement itself as three of the top reasons home buyers over the age of 55 make a move. Having less home to take care of can also reduce your monthly expenses. Having less square footage and a smaller yard means less time fixing or upgrading broken appliances, buying mulch, or paying for lawn care.

What are your goals? 

Do you want to spend the next phase of your life traveling or are you more interested in putting down roots in a more convenient and senior-friendly community? The answers to these questions will directly impact your decision on home size and location. There is still a shortage of homes in the current market meaning your home is still in-demand. As of this fall, homes are spending a median time of 50 days on the market – that’s still almost two weeks less than January of this year. 

What are your ideal financial outcomes? 

The current market has sustained high home values, and, in return, that means equity is higher for homeowners. Consider utilizing this to purchase your new home to help you finance less and enjoy more. Think of it this way, you’ll be using the money you invested in your home to work for you in a new way!

Want to discuss your options with a dedicated team of real estate and mortgage professionals? Contact us today at Weber Mortgage, where we’ll help you through every step of your journey!